Thomas Russo – Gardner Russo & Quinn Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Gardner Russo & Quinn portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Deliveroo (DROOF), Zalando (ZLDSF)

Increases – Uber Technologies, Inc. (UBER), Ashtead Group (ASHTF), Heineken Holding (HKHHF), DoorDash, Inc. (DASH), Swiss Helvetia Fund, Inc. (The) (SWZ), and 7 more

Reductions – Lindt & Spruengli (COCXF), Costco Wholesale Corporation (COST), Lotus Bakeries (LTSSF), Pepsico, Inc. (PEP), American Express Company (AXP), and 41 more

Complete Exits – Merck & Company, Inc. (MRK), BP p.l.c. (BP)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Gardner Russo & Quinn Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2025Jun 30, 2025	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-650-1.5%	$3.18M	41,976
Q2 2025Jun 30, 2025	DVDCF Campari	Campari	Sell	-758-0.3%	$1.57M	234,393
Q2 2025Jun 30, 2025	CR Crane Company	Crane Company	Sell	-950-1.6%	$11.27M	59,355
Q2 2025Jun 30, 2025	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-1,000-20.2%	$736.36K	3,950
Q2 2025Jun 30, 2025	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-1,473-0.2%	$391.29M	712,779
Q2 2025Jun 30, 2025	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-1,500-2.2%	$1.23M	68,200
Q2 2025Jun 30, 2025	CVX Chevron Corporation	Chevron Corporation	Sell	-1,547-36.7%	$382.32K	2,670
Q2 2025Jun 30, 2025	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Sell	-2,016-11.4%	$256.06K	15,690
Q2 2025Jun 30, 2025	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Sell	-2,600-31.5%	$809.14K	5,650
Q2 2025Jun 30, 2025	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell - Position Exit	-2,763-100.0%	$0.00	-
Q2 2025Jun 30, 2025	H Hyatt Hotels Corporation	Hyatt Hotels Corporation	Sell	-3,000-25.7%	$1.21M	8,675
Q2 2025Jun 30, 2025	V Visa Inc.	Visa Inc.	Sell	-3,757-2.9%	$45.07M	126,944
Q2 2025Jun 30, 2025	BP BP p.l.c.	BP p.l.c.	Sell - Position Exit	-6,300-100.0%	$0.00	-
Q2 2025Jun 30, 2025	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-8,575-45.8%	$2.65M	10,162
Q2 2025Jun 30, 2025	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-10,500-22.8%	$1.08M	35,581
Q2 2025Jun 30, 2025	FBLA FB Bancorp	FB Bancorp	Sell	-15,000-21.4%	$618.75K	55,000
Q2 2025Jun 30, 2025	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-16,078-2.9%	$726.26M	542,334
Q2 2025Jun 30, 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-16,288-0.3%	$902.97M	5,090,317
Q2 2025Jun 30, 2025	HMRZF Hennes & Mauritz AB	Hennes & Mauritz AB	Sell	-24,000-27.3%	$892.47K	64,000
Q2 2025Jun 30, 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-26,042-2.2%	$560.85M	1,154,566
Q2 2025Jun 30, 2025	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-33,323-1.9%	$945.77M	1,683,051
Q2 2025Jun 30, 2025	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-40,053-63.7%	$1.83M	22,848
Q2 2025Jun 30, 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-42,275-5.2%	$20.95M	778,521
Q2 2025Jun 30, 2025	BUDFF AB InBev	AB InBev	Sell	-42,350-12.5%	$20.26M	296,300
Q2 2025Jun 30, 2025	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-43,774-2.3%	$50.19M	1,827,148
Q2 2025Jun 30, 2025	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-55,208-22.4%	$11.22M	191,440
Q2 2025Jun 30, 2025	PDRDF Pernod Ricard	Pernod Ricard	Sell	-58,033-2.0%	$280.47M	2,824,214
Q2 2025Jun 30, 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-58,845-2.2%	$91.29M	2,557,966
Q2 2025Jun 30, 2025	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-60,334-1.6%	$700.00M	3,728,315
Q2 2025Jun 30, 2025	NSRGY Nestle S.A.	Nestle S.A.	Sell	-128,906-2.1%	$597.39M	6,014,833

Page 2 of 88 • 2628 total trades

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